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credit report questions :(

Posted by on Oct. 11, 2013 at 4:55 PM
  • 5 Replies
Hi ladies,
I am embarrassed to say I know very little about credit reports. Well reading them is an issue for me. Can anyone tell me what is the difference between COLLECTION and PD COLLECTION is? i have both, then some that were PAID, SETTLED, CHARGE OFF. I am not sure how I can get the accounts that were paid off of my report. I am.just trying to clean up my credit report because we are looking to buy our first house. Thanks for any and all help.
by on Oct. 11, 2013 at 4:55 PM
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Replies (1-5):
QuiltLover
by Jocelynn on Oct. 11, 2013 at 5:41 PM

I got nothing...I am sorry I am of no help. 

1frog
by on Oct. 11, 2013 at 5:45 PM

I have become unfamiliar with them. There seem to be 3 big ones, Equifax is one and I can't think of the other 2 that are legitimate. You can google them. One agency may have different info on you than another. Request reports from these 3 and they should also be able to give you info as to what everything means, and advice on how to clean up your credit report, dispute things, etc. It's not an easy task and I wish I could be of more help.

Good Luck!

AiLi
by Member on Oct. 12, 2013 at 3:53 PM
2 moms liked this

A PD is a paid collection.  It means that your account went into collections and you paid it off.

You need to research the laws for your state in regards to getting these collections off.  Cleaning up your credit report can be a long process.  Any debt older than 7-10 years shouldn't even be on there unless you owe student loans in which case those are there until you pay them off and they can affect you trying to buy a house or anything really.

A collection is something that you can either still pay off, dispute, or with some people simply leave it be until the time on it runs out.  Never pay any debts that you have for more than 4-5 years depending on your state laws.  It can allow them to extend the time the debt is on your report. 

Since you have active collections, you don't necessarily want to get rid of paid collections while looking for a house.  Otherwise it can look like you have too much debt and don't pay it off.

The three credit report agencies are Transunion, Equifax, and Experian.  They all have different numbers.  These reports may not even be the reports that your mortgage lender will draw up.  It is a very confusing process but I found that out when I applied for a store card.

To get negative information off of your report, you need to write letters to each of the credit agencies that has your information on it.  The letters should always be respectful and you should always keep a copy of letters, times, and dates that you sent correspondence.  The next thing to realize is that they will sometimes decide not to remove these things from your credit report and you may need a lawyer to help you remove some of it.  This may not always work and you'd have to wait until the time limit was up or almost up for it to be taken off of your report.

boxergirl86
by Member on Oct. 15, 2013 at 9:20 AM
Thanks!

Quoting 1frog:

I have become unfamiliar with them. There seem to be 3 big ones, Equifax is one and I can't think of the other 2 that are legitimate. You can google them. One agency may have different info on you than another. Request reports from these 3 and they should also be able to give you info as to what everything means, and advice on how to clean up your credit report, dispute things, etc. It's not an easy task and I wish I could be of more help.


Good Luck!

boxergirl86
by Member on Oct. 15, 2013 at 9:20 AM
Thank you!

Quoting AiLi:

A PD is a paid collection.  It means that your account went into collections and you paid it off.

You need to research the laws for your state in regards to getting these collections off.  Cleaning up your credit report can be a long process.  Any debt older than 7-10 years shouldn't even be on there unless you owe student loans in which case those are there until you pay them off and they can affect you trying to buy a house or anything really.

A collection is something that you can either still pay off, dispute, or with some people simply leave it be until the time on it runs out.  Never pay any debts that you have for more than 4-5 years depending on your state laws.  It can allow them to extend the time the debt is on your report. 

Since you have active collections, you don't necessarily want to get rid of paid collections while looking for a house.  Otherwise it can look like you have too much debt and don't pay it off.

The three credit report agencies are Transunion, Equifax, and Experian.  They all have different numbers.  These reports may not even be the reports that your mortgage lender will draw up.  It is a very confusing process but I found that out when I applied for a store card.

To get negative information off of your report, you need to write letters to each of the credit agencies that has your information on it.  The letters should always be respectful and you should always keep a copy of letters, times, and dates that you sent correspondence.  The next thing to realize is that they will sometimes decide not to remove these things from your credit report and you may need a lawyer to help you remove some of it.  This may not always work and you'd have to wait until the time limit was up or almost up for it to be taken off of your report.

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